LS Eco Energy said on the 14th that its preliminary results for the first quarter showed revenue of 296.4 billion won and operating profit of 20.1 billion won. That was up 29.8% and 31.0%, respectively, from the same period a year earlier. Revenue hit an all-time quarterly record, and operating profit reached a first-quarter record high.
The company said the results reflected the impact of shifting its business structure toward high value-added products. According to LS Eco Energy, fueled by expanding global power grid investment and rising demand from artificial intelligence (AI) data centers, extra-high-voltage cables rose 177% from a year earlier.
LS Eco Energy is benefiting directly as the only local producer of extra-high-voltage cables amid expanded transmission and distribution grid investment under Vietnam's 8th National Power Development Plan (PDP8). The company said growth fundamentals strengthened further with increased exports to Europe and power grid projects for data centers in ASEAN.
Profitability also stood out. The first-quarter operating margin was about 6.8%, above the domestic wire and cable industry average of 3%–4%.
Chief Executive Lee Sang-ho of LS Eco Energy said, "We are pursuing certification of extra-high-voltage cables to enter the North American market," adding, "We will actively respond to surging global demand by increasing optical cable production volume at LSCV (Ho Chi Minh City, Vietnam)."